Justin Bieber’s Instagram Photo Sends Crocs Shares Soaring

Cristopher Centers

(Bloomberg) — Shares of Crocs Inc. rallied after an Instagram photo from pop star Justin Bieber suggested he will collaborate with the company on a pair of its distinctive footwear. “Soon,” the musician said in the social-media post Thursday along with a picture of orange Crocs floating in a swimming […]

(Bloomberg) — Shares of Crocs Inc. rallied after an Instagram photo from pop star Justin Bieber suggested he will collaborate with the company on a pair of its distinctive footwear.

“Soon,” the musician said in the social-media post Thursday along with a picture of orange Crocs floating in a swimming pool. The post had been liked more than 700,000 times within a few hours, including by the official Crocs account.

Crocs shares surged as much as 13% to the highest intraday level since 2007.



chart: Crocs shares rose to a 13-year higher on Justin Bieber hint at tie up


© Bloomberg
Crocs shares rose to a 13-year higher on Justin Bieber hint at tie up

The vague but suggestive Instagram post drew attention in the sneaker world, where the once-uncool Crocs brand has gained in popularity thanks to collaborations with artists such as Post Malone and Bad Bunny. It also registered on Wall Street, with Susquehanna analyst Sam Poser writing that a Bieber collaboration could lift Crocs “into another dimension,” citing the company’s previous team-ups.

View this post on Instagram

Soon

A post shared by Justin Bieber (@justinbieber) on Oct 1, 2020 at 9:00am PDT

“We expect the collaboration to launch in ‘Croctober’ (October), and add to the acceleration of Crocs’ brand momentum,” Poser said in a report. The analyst has been expecting the Bieber collaboration “for some time.”

Requests for comment from Crocs were not immediately answered.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

Continue Reading

Next Post

Mercedes-Benz Stadium is using drone technology to combat coronavirus

ATLANTA, GA. (CBS46) — Mercedes-Benz Stadium (MBS) is taking cleaning to a new, more tech-savvy level. The stadium is now using drones as part of its holistic cleaning protocol. It makes MBS the first professional sports stadium to adopt the cutting-edge technology. © Photography Assistant Scenes of the return to […]